The growing level of crypto adoption by institutional players has analysts predicting that Bitcoin (BTC/USD) will hit $100,000 soon. Antoni Trenchev, the co-founder of the Nexo crypto lending platform, has predicted that BTC’s price will reach the six-digit figure by mid this year.
Trenchev opines that this level will be attained because of the growing level of institutional adoption in the US. He further supported the sentiment that Bitcoin can be used as an inflation hedge.
BTC to hit $100K by mid-2022
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In 2021, Bitcoin made notable gains, but it finished the year in a downtrend. During the year, many analysts had predicted that the primary cryptocurrency would hit highs of $100,000, but it only peaked at 69,000 in November before making a dip.
Trenchev appeared in an interview with CNBC where he noted that Bitcoin’s much-awaited uptrend to 4100,000 is just a few months away. “I’m quite bullish on Bitcoin. I think it’s going to reach $100K this year, probably by the middle of it.”
He further noted that many companies were investing more in Bitcoin, which would help drive value.
Trenchev also touched on inflation, a concept that many have believed will offer immense benefits to Bitcoin. The level of inflation in the US is almost touching 7%, the highest in 40 years. For this reason, Trenchev noted that Bitcoin could be used to hedge against inflation.
Trenchev supports BTC will gain adoption as legal tender
Additionally, Trenchev stated that in 2022, more countries would adopt Bitcoin as legal tender. In 2021, El Salvador, a Latin American country, made headlines after implementing a law that allowed the use of Bitcoin as legal tender.
He said,
I think Latin America is a poster child for economies with some difficulties, managing their own currencies, and their respective central banks facing some challenges. So definitely all of them are potential candidates for adopting cryptocurrencies as legal tender, and it’s amazing how far crypto, and particular Bitcoin, has come in just 13 short years.
Nayib Bukele, the president of El Salvador, predicted that Bitcoin could hit $100K before the end of 2022. He also noted that two more countries would adopt Bitcoin as legal tender during the same period.
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